Stocks rally on Yellen stimulus

'The market does not want uncertainty'

Published: 02/11/2014 at 4:28 PM

(CNBC) — U.S. stocks surged on Tuesday, with the Dow Jones Industrial Average rising triple digits and the Nasdaq Composite turning positive for the year, as Federal Reserve Chair Janet Yellen reassured Wall Street that the Fed would continue the central bank’s policy of providing monetary stimulus to bolster the economy.

“The market does not want uncertainty, and she certainly didn’t deliver any surprises,” said Dorothy Weaver, co-founder of Collins Capital and former chairman of the Federal Reserve Bank in Miami.

“She hit the right notes; the theme of the day is continuity. If there were one area where she made news, it was her view that cyclical issues are still hanging over the economy, and additional Fed stimulus is likely,” said Dan Greenhaus, chief global strategist at BTIG.